Pembani Remgro: Fund raises $345m to power Africa

PEMBANI Remgro Infrastructure Fund, founded by two of South Africa’s richest men, has raised $345 million (R4.1 billion) to invest in electricity generation, transport and logistics in Africa. The fund was established in 2012 by Johann Rupert, who has a net worth of $8.2bn according to the Bloomberg Billionaires index, and Phuthuma Nhleko, who is the chairman of mobile phone company MTN. The fund raised $245m and can access a further $100m from the US government’s Overseas Private Investment, chief executive Herc van Wyk said this week. The fund planned to raise as much as $500m for developing infrastructure on the continent, he said. “We see interesting opportunities coming up in the infrastructure space,” van Wyk said. “The opportunity, first and foremost, is power generation.” African countries, including the two biggest economies, Nigeria and South Africa, are beset by power shortages that limit economic growth, boost the cost of doing business and disrupt production. – Bloomberg